Forex news for Asia trading Thursday 8 October 2015

  • RBA's Simon: Concerns about low rates are probably overdone
  • Goldman sees oil off another $10 ... oil industry 'hunkering down' for long period of low prices
  • FX market 'manipulation' & how changes made are impacting on the market
  • Morgan Stanley: Increasing chatter about the need for additional US stimulus
  • People's Bank of China (PBOC) sets yuan reference rate at 6.3505
  • Here is the RBA paper on modeling the Australian dollar
  • Total steel inventory in China ... enough for the next five years?
  • Japan data: BoP Current Account Balance for August: ¥ 1653.1B (vs. expected ¥ 1226.0B)
  • Japan data-August Machine Orders: -5.7% m/m (vs. expected +2.3%)
  • Japan machine orders data-more (updated)
  • EUR/USD technical analysis views from Nomura, SocGen & Barclays
  • PBOC deputy governor says yuan close to equilibrium
  • UK data-RICS House Price Balance for September: 44% (expected 55%)
  • Greek PM Tsipras: First bailout review must be finished by end November
  • ANZ Truckometer for September: +1.7% m/m (prior was -0.5%)
  • SG technical analysis on AUD/USD looking for a corrective pullback
  • Trade ideas thread for Thursday 8 October 2015
  • Deutsche Bank announces Q3 net loss, to recommend dividend cut, possible elimination
  • China economy: Yi Gang, deputy governor of the PBOC "I would say, don't worry"
  • Greek economy minister Stathakis says GDP contraction could be around 1.5%

Big movement on the session in silver (down 3%) and in currencies the AUD and NZD the biggest losers.

EUR found a bit of buying, the move wasn;lt large but it gained 20-odd points (EUR/USD). Late Europe news out of Deutsche Bank of a Q3 loss and the potential of a dividend cut (perhaps to as low as zero) weighed on DB shares and, initially, a little on EUR.

USD/CHF meanwhile quietly (very quietly) drifted sideways to off a few ticks. Ahead of the BOe today GBP lose a little ground, but not a lot in it and in the context of a good move higher in the overnight.

We got more poor data from Japan today, machine orders (a proxy for capex) showing a bad, bad miss on expectations. This is a volatile data set, so thats a hedge, but on the face of it its another straw on the back of the 'more BOJ easing' camel (OK, I just made that up). USD/JPY is barely changed on the session after a lackluster 25 odd point range.

China was back from holiday today. the stock markets opened higher and have since tracked slightly higher. USD/CNY was fixed lower, by the most since September 2 for an aggressive yuan boost from the PBOC.

Silver, AUD and NZD have all been big losers, with no obvious fresh catalysts. Gold is a little lower but the move has not been large. Oil is barely changed but did try a ;little higher and is back on session lows.

Regional equities:

  • Nikkei -0.56%
  • HK -0.66%
  • ASX +0.55%
  • Shanghai is back ... +3.80%

Still to come:

  • What to watch for in the FOMC September meeting Minutes on Thursday